Gold prices slipped on Thursday, snapping a four-session winning streak as investors reacted to renewed escalation signals from U.S. President Donald Trump on the Iran conflict.

Spot gold was last down 2.6% at $4,637.25 per ounce by 03:41 ET (07:41 GMT), after climbing as high as $4,800.58/oz earlier in the session.

U.S. Gold Futures declined 3.1% to $4,664.15/oz.

Gold prices gained in the last four sessions amid some signs of easing geopolitical tensions and declining oil prices.

Among other precious metals, silver prices plunged 5.1% to $71.26 per ounce, while platinum fell 3.3% to $1,902.60/oz.

Trump vows to hit Iran ’extremely hard’ over next 2-3 weeks

Sentiment shifted after Trump said in a televised address that the U.S. would ramp up military operations against Iran over the next “two to three weeks,” reiterating Washington’s stance on preventing Tehran from obtaining nuclear weapons.

"We’re going to hit them extremely hard over the next two to three weeks. We’re going to bring them back to the Stone Ages where they belong," Trump said.

The remarks marked a reversal from earlier comments this week, when Trump said the U.S. could leave Iran within a similar timeframe, even without a formal agreement.

Markets have remained highly sensitive to shifting rhetoric around the conflict, as investors reassess geopolitical risks.

Oil rebounds sharply, US dollar jumps

Oil prices rebounded sharply after President Trump’s speech, reinforcing concerns about inflationary pressures, which could keep interest rates elevated and limit the appeal of non-yielding assets such as gold.

The US Dollar Index rose 0.5% after two sessions of losses, making gold costlier for holders of other currencies.

Investors are also awaiting U.S. jobs data on Friday for cues on the Federal Reserve’s policy outlook, which remains a key driver for bullion.

Benchmark Copper Futures on the London Metal Exchange fell 1.4% to $12,286.33 a ton, while U.S.Copper Futures lost 1.3% to $5.54 a pound.